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{{a|myth|{{fwmd|Emissions allowance|}}}}[[Collateralised | {{a|myth|{{fwmd|Emissions allowance|}}}}[[Collateralised emissions obligations]], were an apocryphal transaction type<ref>In the heady days of 2007 the JC even had this idea, ran down to the commodities trading floor to share what he thought was a tremendous joke with the structured products team. The lead structurer shook his head morosely and said, “Won’t work. We have tried and we can’t get the accounting treatment we need.”</ref> that did not, but had it existed, surely would have, precipitated a global financial crisis, as [[Carbon trading|carbon traders]], hopped-up on absurd amounts of [[synthetic alpha]] blew up not just the financial markets but the entire planetary ecosystem with their leveraged bets on the squirrely commitments of G20 nations to act on climate change. | ||
“A five-times leveraged derivative of hot air!” traders would chortle, selling these things out to the most vulnerable and credulous people in society: minimum-wage hospitality workers, the elderly, the infirm, the illiterate and regional German ''landesbanks''. | “A five-times leveraged derivative of hot air!” traders would chortle, selling these things out to the most vulnerable and credulous people in society: minimum-wage hospitality workers, the elderly, the infirm, the illiterate and regional German ''landesbanks''. | ||
{{sa}} | |||
*[[Emissions Annex Anatomy]] | |||
*]]Global financial crisis]] |